The SEC's New Whistleblower Rules: Implications for Your Company's Compliance and Fraud Program

Instructor: H. David Kotz
Product ID: 703916
  • Duration: 90 Min

recorded version

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This training program on the SEC’s new whistleblower rules will detail a fraud examiner’s role in whistleblowing and offer guidance for potential whistleblowers. The regulations the SEC issued governing the whistleblower program are dense, virtually incomprehensible to non-lawyers, and full of legal traps to gaining an award. This course will offer attendees a clear understanding of the regulations as they stand now.

Why Should You Attend:

There are ten rules for becoming a successful SEC whistleblower. This course will review these ten best practices, which include:

  1. Make sure you really want to be a whistleblower.
  2. You must have original information which qualifies for an award.
  3. Be creative and do a bit of your own investigating.
  4. If at all possible, report your information first internally in a well-documented submission to the responsible corporate officials.
  5. After you report internally, promptly report to the SEC.
  6. Make your submission short and to the point.
  7. Consider carefully which documents to include.
  8. Before making a submission, consider your position in or relation to the company.
  9. If you had any involvement in the illegal activity, consult an attorney before approaching the SEC.
  10. Formulate your submission and cooperate with the SEC, with an eye to getting the maximum award after the case is brought, and consider hiring a lawyer to assist you in reporting to the SEC.

Learning Objectives:

  • Evaluate the elements necessary for an effective whistleblower program and recognize the legal protections that might apply during a fraud examination.
  • Understand the precautions necessary for organizations to mitigate and avoid retaliation claims.
  • Learn, recognize and evaluate the best strategy for developing useful information from whistleblowers.
  • Identify the options and risks that a potential whistleblower should consider.

Areas Covered in the Webinar:

  • Fraud examiners' roles in whistleblowing
  • Fraud-related whistleblower protections
  • Qui tam suits and rewards programs
  • Handling whistleblowers in fraud examinations
  • Guidance for potential whistleblowers
  • Recognizing the red flags of retaliation and how to mitigate and avoid retaliation claims
  • Whistleblower programs
  • Establishing an effective compliance and training program under the SEC's revised whistleblower program
  • Evaluating the elements for an effective training program during fraud examination
  • Key changes to the whistleblower rules

Who Will Benefit:

  • Bank and financial institution auditors
  • Controllers and corporate managers
  • Forensic and management accountants, accounts payable and financial analysts
  • Governance, risk management and compliance officers
  • Internal and external auditors, CPAs and CAs
  • Certified fraud examiners and other anti-fraud professionals
  • Human resources professionals

Instructor Profile:

H. David Kotz, presently serves as a Director at Berkeley Research Group, a leading global expert services and consulting firm. Mr. Kotz focuses on internal investigations and matters relating to Foreign Corrupt Practices Act and Anti-Money Laundering regulations. He also serves as a compliance monitor for firms that have entered into deferred prosecution agreements and similar arrangements with government agencies. He also serves as an expert witness in litigation matters relating to securities regulation and the identification of fraud.

Prior to Berkeley Research Group, Kotz served for over 4 years as the Inspector General of the Securities and Exchange Commission (SEC). During his tenure at the SEC, he authored the landmark, widely publicized report investigating the failure of the SEC to uncover Bernard Madoff’s $50 billion Ponzi scheme. Mr. Kotz also authored numerous high-profile reports of investigation while at the SEC concerning, among others, a $7 billion alleged Ponzi scheme perpetrated by Allen Stanford, an SEC settlement of enforcement action against Bank of America, and alleged SEC coordination with Congress and the White House concerning the timing of the bringing of an enforcement action against Goldman Sachs & Co. In addition, he authored a landmark audit report analyzing the SEC’s oversight of Bear Stearns and the reasons for its collapse. He has testified before Congress, including televised appearances before the House Financial Services Committee and Senate Banking Committee regarding the Madoff and Stanford Ponzi schemes. He also previously served as Inspector General of the Peace Corps.

Topic Background:

The Dodd Frank Act's whistleblower provisions make it possible for an individual with original information regarding violations of the securities laws to submit it to the SEC and receive up to 30% of the monetary penalties in the event the SEC or certain other government enforcement agencies bring a successful case based on that information and the penalties exceed one million dollars. Unfortunately, the regulations the SEC issued governing the whistleblower program are dense, virtually incomprehensible to non-lawyers, and full of legal traps to gaining an award. Solid whistleblower information, which leads to a big case, may still be ineligible for an award, for any one of a multitude of reasons.

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